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Business > Managment Quiz #4 > Flashcards

Managment Quiz #4 Flashcards

1
Q

___ is a process of identifying, recording, summarizing, and reporting in monetary terms, information about an organization during a specific period of time

A

Accounting

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2
Q

Which Selected accounting principles include:
The business unit
The person or business the financial information is being prepared for

A
  1. Identification of the entity
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3
Q

__is the only way an organization can determine the extent of how a specific service and/or product is contributing to the organization’s financial performance

A

Matching

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4
Q

Select accounting Principle?

Business must record the expenses that are associated with the revenues generated for a given period

A

Matching Principle

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5
Q

Selected Accounting Principle?

This is what the organization paid for that resource (historical or acquisition cost)

A

Identification of the cost of any quantifiable resource

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6
Q

Selected Accounting Principles?

The information in the financial reports is based on objective and verifiable evidence like receipts

A

Availability of objective evidence

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7
Q

Selected accounting principles?
Recognition that financial reports may have small or insignificant errors but not so great as to materially change a reviewer’s decision about the organization’s financial position

A

Acceptance of materiality

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8
Q

Selected accounting principles?

In reference to the financial position and results of operations of a business in accordance with GAAP

A

Trust in full disclosure

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9
Q

Selected Accounting Principles?
Consistency in the accounting methods used in the business from year to year
Essential for comparisons

A

Application of consistency

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10
Q

Multiple payers pay different rates, so providers often estimate the average payment and set prices ___ than the expected average payment in order to maximize revenues.

A

higher

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11
Q

__ is a financial report category that details the differences between the price charged and the price paid by third-party payers.

A

Allowances for contractual deductions

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12
Q

__ is a form of financial oversight often found in not-for-profit hospitals and health care organizations.

A

Fund accounting

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13
Q

An __ is simply a listing of all of an organization’s accounts by title and corresponding numerical code to classify and differentiate between accounts

A

account

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14
Q

A book of accounts is called a __

A

ledger

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15
Q

When a financial event (a transaction) occurs, it is recorded (posted) in a ledger in two places
This is called __

A

Double entry

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16
Q

A payment received from a third-party payer is reflected as:
An __ in the entity’s cash account (asset)
A __ in accounts receivable (what is owed the business

A

increase

decrease

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17
Q

__ What is owed to the business

A

Accounts Receivable

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18
Q 
\_\_ are economic resources that are owned by a business and are expected to benefit future operations, such as:
Inventories
Accounts receivables
Capital assets
Cash
Investments
A

Assets

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19
Q 
\_\_ are debts
make up the amount of the organization’s assets owned by its creditors, e.g.,
account categories
accounts payable
accrued expenses
notes payable
A

Liabilities

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20
Q

__ is money spent to produce or purchase a service or product that is sold

A

expense

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21
Q

Revenue is __

A

Gross income

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22
Q

When expenses exceed revenues, the difference is classified as a ___

When revenue exceeds expenses, the excess is classified as a ___

A

loss

profit

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23
Q

the concept of __ refers to the practice of recording financial transactions within an appropriate period of time.

A

accrual

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24
Q

expenses be recorded in the period when the resources are __

A

consumed

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25
Q

In cash basis accounting:
___ is recorded when cash is received
___are recorded when bills are paid

A

Revenue

Expenses

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26
Q

4 fundamental financial statements

A
  1. Balance sheet
  2. Income statement
  3. Cash flow statement
  4. Retained earnings statement
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27
Q

a __ is a statement of an organization’s financial condition

A

balance sheet

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28
Q

total assets = __ + ___

A

total liabilities + owner’s equity

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29
Q

a __ is a report on an organization’s financial performance over a specific period of time.

A

income statement

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30
Q

Income statements are also known as:

2

A

Profit and loss statements

Statements of operations

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31
Q

This financial statement shows how an organization’s cash position changes over time.

A

Cash flow statement

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32
Q

Cash flow 3 parts?

A

Core operations
Financing
Investing

33
Q

__ statement provides additional details on how owner’s equity changed and information on how profits are used in a business

A

retained earnings statement

34
Q

__ is a financial statement that estimates income and expenditures for a specified future time period.

A

budget

35
Q

Several types of budgets, such as:
1
2
3

A
  1. Operating budget (1 year)
  2. Strategic budget (3-5 years)
  3. Cash budget
36
Q

4 General sequence for forming budget?

  1. __ scan
  2. ID of __ and __
  3. gather date on estimated __ & __
  4. develop __
A
  1. environmental scanning
  2. ID goals and objectives
  3. estimated costs and revenues
  4. proposed budget
37
Q

Financial analysis = what what budgeted vs. __

A

what actually happened

38
Q

3 Frequently used financial analysis are?
1
2
3

A
  1. Common size analysis
  2. Comparative analysis
  3. Ratio analysis
39
Q

__ refers to the amount of a resource consumed in the production of an increment of output.

A

Productivity

40
Q

Things that affect productivity?

A

Patient cancellation rate
Utilization of appropriate personnel and resources
Physical plant design and layout
Documentation requirements
Supervisory requirements of paraprofessionals
Use of technology

41
Q

The goal of revenue management is to maximize __ from operations and investments.

A

income

42
Q

The goal of expense management is maximizing __

A

net income

43
Q

__ expenses are the cost of resources to produce the organization’s services and goods in a limited period of time

A

operating expenses

44
Q

__ expenses are big-ticket, long-lasting items like purchase of equipment or facilities

A

capital expenses

45
Q

Organizations establish a __ to lessen risks of intentional or unintentional regulatory noncompliance.
Elements are:
Organization structure for the program
Operational mechanisms to implement the program

A

Corporate Compliance Program

46
Q

__ Act wages and overtime

A

Fair Labor Standards Act (FLSA)

47
Q

__ ACt aliens authorized to work in the U.S. under certain nonimmigrant visas

A

Immigration and Nationality Act

48
Q

__ Act = regulates the safety and health conditions

A

Occupational Safety and Health Act (OSH Act)

49
Q

__ act reporting requirements for those ethically and legally responsible and associated with pension and welfare benefit plans

A

Employee Retirement Income Security Act (ERISA)

50
Q

__ act one part mandates that employers allow for the continuation of employee health care insurance after termination of employment

A

Comprehensive Omnibus Budget Reconciliation Act of 1985 (COBRA)

51
Q

__ act deals with the relationship between a union and its members

A

Labor-Management Reporting and Disclosure Act of 1959 (Landrum-Griffin Act)

52
Q

__ Act = bars most employers from subjecting employees to polygraph testing except in specified circumstances

A

Employee Polygraph Protection Act

53
Q

Family and Medical Leave Act (FMLA) = applies to employers of __ or more employees
Require employees to allow up to __ of unpaid

A

50+

12 weeks

54
Q

__ act requires that employers give employees early warning of upcoming layoffs or plant closings

A

Worker Adjustment and Retraining Notification Act (WARN)

55
Q

__ Act = allows for certain persons who serve in the armed forces (regular or reserve) the right to reemployment with the employer they were with when they entered service

A

Uniformed Services Employment and Reemployment Rights Act

56
Q

__ act and __ act are related to wages and benefits for construction workers who work on building projects of organizations who have government contracts, grants, or financial aid

A

Davis-Bacon Act, McNamara-O’Hara Service Contract Act, Walsh-Healey Public Contracts Act

57
Q

__ Act of 1933 = applies to for-profit corporations whose stock is publicly traded

A

Securities Act of 1933

58
Q

__ act corporate disclosure and financial reporting reform in publicly traded corporations. Sarbames-Oxley was put into place to address the corporate scandals of Enron, Arthur Anderson, and Worldcom. They basically defrauded investors and employees by falsifying accounting documents.

A

Sarbanes-Oxley Act of 2002

59
Q

__ Act = regulates such things as definitions, standards, packaging, and labeling for food, food supplements, drugs, medical devices, and cosmetics

A

Federal Food, Drug, and Cosmetic Act

60
Q

__ act regulation examples include efficiency of health care and regulation of biological materials, laboratories, blood banks, and mammogram facilities

A

Public Health Services Act of 1944

61
Q

__ Act = improves the safety and efficacy of pharmaceuticals for children

A

Best Pharmaceuticals for Children Act

62
Q

__ Act = controls and sets standards and schedules for all controlled substances

A

Controlled Substances Act

63
Q

__ Act of 1994 = establishes standards for the labeling and safety of dietary supplements

A

Dietary Supplement Health and Education Act of 1994

64
Q

__Act of 2002 = addresses national preparedness for bioterrorism and other public health emergencies

A

Public Health Security and Bioterrorism Preparedness and Response Act of 2002

65
Q

__ Act of 2004 = provides protections and countermeasures against terrorist chemical, radiological, or nuclear attacks

A

Project BioShield Act of 2004

66
Q

__ Act of 1969 (NEPA) = establishes national policy to encourage productive and enjoyable harmony between man and his environment

A

National Environmental Policy Act of 1969 (NEPA)

67
Q

__ Act (EPCRA), also known as Title III of the Superfund Amendments and Reauthorization Act (SARA) = legislation on community safety to help local communities protect the public and environment from chemical hazards

A

Emergency Planning & Community Right-To-Know Act (EPCRA),

68
Q

__ Act (PPA) = regulates pollution issues related to medical waste tracking and disposal

A

pollution prevention act PPA

69
Q

__ Act of 1989 = requires the Environmental Protection Agency to disseminate rules on the management of infectious waste

A

Medical Waste Tracking Act (MWTA) of 1989

70
Q

__ Act = established three health care insurance programs to guarantee access to health care for the young, the elderly, and the poor:

A

Social Security Act

71
Q

Medicare provides health insurance to:
those age __ or older
those under age 65 with __
everyone with __ requiring dialysis or a kidney transplant

A

65
certain disabilities
end stage Renal disease

72
Q

State’s Medicaid program must cover at least? (7)

A

Inpatient and outpatient hospital services
Laboratory and x-ray services
Skilled nursing and home health services
Doctors’ services
Family planning
Periodic health checkups
Diagnosis and treatment for children

73
Q

__ = designed to help states expand health care coverage to uninsured children to at least include:
Inpatient and outpatient hospital services
Surgical and medical services
Laboratory and x-ray services
Well baby/child care, including immunizations

A

SCHIP

74
Q

__ Act = broadens access to certain types of government-generated information

A

Freedom of Information Act (FOIA)

75
Q

__ Act = provides assistance to develop programs to provide bilingual or interpreter services to people with limited English proficiency

A

Disadvantaged Minority Health Improvement Act

76
Q

__ Act of 1989 = regulates physician self-referral ; Prevents physician from referring patient to a designated place when the physician has a connection with that person…

A

Omnibus Budget Reconciliation Act of 1989

77
Q

__ act expanded physical self-referral areas to include:
Home health services
Inpatient and outpatient hospital services
Occupational therapy
Physical therapy

A

Omnibus Budget Reconciliation Act of 1993 (Stark II)

78
Q

__ Act = combats health care fraud and abuse by providing for triple damages and mandatory fines of $5,000 to $10,000 per claim that can total millions of dollars

A

Federal False Claims Act

Business (4 decks)

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